Get ready for 2010!

November 24th, 2009

So, in about another five weeks it’s going to be 2010…..and 2009 will just be another memory. ¬†This means that it’s high time to start year end tax planning. ¬†Over the next few weeks I’ll be publishing a few tips about minimizing taxes using a few year end techniques. ¬†Nothing too ground breaking, just the usuals.

Let’s start with one of the very best tax breaks there is: ¬†charitable donations! ¬†Donations receive special tax treatment. ¬†In Nova Scotia, donations of up to $200 will get you back 24% in taxes. ¬†However, once you make donations of more than $200 the deduction goes up rapidly. ¬†Donations over $200 will get you back about 47% in taxes. ¬†So the ¬†government gives you back almost half your contribution, making donations easily one of the most rewarding tax breaks available!

There are plenty of quality charitable causes to support that make good use of their funds.  Look for a cause to support before the end of the  year, and reap the tax savings on your next tax return!

Filed under: Consumer Tax by David Boese No Comments »